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The thought might be what counts, but, hey, a lousy gift is still a lousy gift.

All the good intentions in the world won’t alter a size, erase a color or change a brand. And even though Aunt Betty meant well, that new crockpot — your fifth, counting the one she gave you last Christmas — isn’t going to morph into something you really want or need.

So what can you do if you got a gift that fits improperly (or not at all), runs afoul of your taste or duplicates an item you already own?

Basically, you have three options: You can do nothing — except, perhaps, mutter to yourself, “It’s the thought that counts.” You can donate it to charity or toss it in your, ahem, re-gifting closet. Or you can return it for a refund or item you like better.

If you choose the third option, you won’t be alone: The National Retail Federation reports that about $50 billion worth of gifts are returned or exchanged annually at stores throughout the United States.

Sadly, the federation also projects that 5.8 percent of returns made in the next month or so will be fraudulent — up from 4.6 percent during the same period a year ago.

A recent survey by ConsumerWorld.org revealed that several big-name retailers have tightened their return policies this holiday season in hopes of curbing fraud-related losses. Some, for example, have shortened their return periods, while others have imposed, or hiked, so-called restocking fees — especially for consumers who lack receipts or similar purchase documentation.

“Many stores continue to ‘slice and dice’ their return policies, creating complicated rules for different categories of items,” the website noted. “Electronic items may be subject to stricter rules than, say, clothing. … Online policies may also differ from store rules.”

Bottom line: Just because Acme Appliance Warehouse would have taken Aunt Betty’s crockpot in 2011 doesn’t mean the store will be as accommodating this year.

Here, courtesy of the Better Business Bureau, Consumer Reports and ConsumerWorld.org, are a few suggestions intended to make the return process as hassle-free as possible:

• Be a pack rat — for at least a few days: Some retailers won’t accept merchandise that has been used or even opened, so keep a gift’s original packaging and sales tags until you’re sure you want to keep it.

• Do your homework: Most return policies will be listed on a company’s website or on the back of a receipt. Keep in mind that some warranties require you to send a defective or damaged product to its manufacturer — as opposed to the store where you bought it — to receive a refund or a replacement.

• Use your head: Look for the easiest, most affordable way to make a return. Even if something was bought online, you might be able to return it to a nearby store.

• Carry identification: Because of fraud concerns, some retailers will ask for identification when processing a return. For the same reason, if you’re returning or exchanging a gift that you bought, make sure you have the credit card you used initially.

• Don’t procrastinate: Although some stores will accept returns for a year — and a handful say you can return anything, at any time, for any reason — most impose much tighter deadlines.

• Finally, be nice: Keep in mind that, in most instances, retailers aren’t legally obligated to accept an item for refund, exchange or store credit unless it was misrepresented or defective at the time of sale.